On the morning of March 24th, the foundation laying ceremony of Changzhou Shenying Carbon Plastic Material Co., Ltd. was grandly celebrated at Wujin Economic Development Zone. It is a wholly-owned subsidiary of Lianyungang Yingyou Group Corporation, specializing in high-performance carbon fiber and its application. The company boasts a registered capital of RMB 250 million, an overall investment of RMB 330 million. The first phase covers an area of 200 mu (roughly 6.7 hectares). The annual sales volume is expected to reach RMB 84,600 million.

Changzhou Shenying is committed to the design and manufacture of carbon fiber composites which could be applied to automotive industry. Auto-part made with carbon fiber allows cars a lighter weight, a safer performance, and lower fuel consumption. Therefore, this will be a hi-tech project with enormous market demands and promising development prospects. The first phrase, when completed, will allow an annual capacity of 200,000 car roofs, 200,000 engine hoods, 200,000 front bumpers and 200,000 rear bumpers, revenue expected to reach 846 million Yuan with profits surpassing RMB 339.7 million.